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USDJPY might be forming a cycle bottom at 83.50

Discussion in 'Technical Analysis' started by ForexCycle.com, Dec 21, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDJPY might be forming a cycle bottom at 83.50 level on 4-hour chart. Key resistance is at 84.00, a break above the level could confirm the cycle bottom and indicate that the fall from 84.49 has completed, then another rise to re-test 84.49 resistance could be seen. However, as long as 84.00 resistance holds, the pair remains in short term downtrend from 84.49, and one more fall to 83.00 is still possible.

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